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- The former Ripple Labs founder seems to be nearing the eight-year dump end.
- Data highlights that his wallet has been shredding an average of 4.06 Million XRP in the last month.
- XRP is currently trading at $0.32 and is down by approximately 2.5% in the last twenty-four hours.
Jed McCaleb, the former founder of Ripple Labs is almost on the edge of his eight-year XRP dump marathon and has just 81.53 Million XRP which equates to $26.55 Million left in his wallet’s balance.
A website called Jed Balance keeps a check on his XRP holdings, and tacostand is the name of his wallet. It highlights that tacostand has been shredding an average of 4.06 Million XRP in the last month but the day-to-day transfers to 7.34 Million XRP have considerably increased since June 26.
And if this rate of selling continues, it seems like his wallet would soon be nearly empty in the next couple of weeks.
A tik-tok influencer and YouTuber, Mason Versluis, popularly known as Crypto Mason has recently signified that 22 Million of XRP has been released in the recent three days.
McCaleb has been strategically selling off bits of his once nine billion strong holdings of XRP following his departure from the company in 2014. He was basically a member of the founding team of Ripple in 2012 and got a share of 20 Billion XRP that was distributed among him and the other two members Arthur Britto and Chris Larsen. His share equated to 9% of the total supply.
Following his departure, Ripple Labs and McCaleb agreed to lock-up terms for his share of XRP. According to the plan, he couldn’t sell over $10,000 worth of XRP per week for the first year. For the three following years, that amount was raised to $20,000 worth of XRP.
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And for the years 2018-2019, the restrictions were on the number of XRP tokens, and there was a maximum offloading of 1 Billion XRP per year. For 2020, it was increased to 2 Billion XRP per year.
Jed Balance signifies that the former Ripple executive offloaded a big part of his XRP holding from January to August last year when the price of XRP raised to $1.85 in April. This year, the data highlights that he has dumped 627.6 Million to date.
At the time of writing, XRP is exchanging hands at $0.32 and is down by approximately 2.5% in the last twenty-four hours.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
